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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP
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Page: 14 of 25
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Topic:
Demand and Supply
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GDP can be measured in two different ways.- Demand-side: In a market transaction, the buyer pays a price for a good or a service based on the value of the good. This indicates that the value of GDP can be measured from expenditures.
- Supply-side: For seller's, the revenue received from selling a good is used to pay resources--the cost of production. This indicates that the value of GDP can be measured by the resource cost of production.
- These two sides--expenditures and resources--give us two ways of measuring GDP.
- Each can be used to check the other.
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for the happiest person in the room.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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FDI
Foreign Direct Investment
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